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Metropolitan DC Local Politics
Reply to "More profitable for DC landlords to "sit" on empty storefronts than rent at market rate??"
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[quote=Anonymous]There already is a vacant property tax rate in DC. It is roughly 3x higher than the normal commercial property tax rates ($5 per $100 assessed value vs. ~$1.65 per $100). The problem with commercial landlords is that they know how to get out of the penalty property tax system. If they pull a permit for any type of repair, they don't have to pay the penalty rate. If they put up a listing to sell the property at a ridiculous price, they don't have to pay the penalty. There's a ton of loopholes to avoid the penalty tax rate. A lot of the vacant landlord are simply land bankers just hoping to ride the wave of price increases and sell one day in the future when they are ready to realize their gain. [/quote]
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